.Orders 48hrs cheque value for customers

BY BABAJIDE KOMOLAFE

The Central Bank of Nigeria, CBN, yesterday released guidelines on electronic payment of salaries, pensions, suppliers and taxes in Nigeria,  saying enforcement will commence from June, 2014.

The guideline stated, “Deposit Money Banks are to dishonor payment instructions for all forms of salaries, pensions, suppliers and taxes payment not transmitted on a Bank approved straight through electronic payment and collection platform issued by organisations with more than 50 employees.

“This means payment instructions and associated schedules are no longer to be transmitted to deposit money banks (DMBs)  by all public and private sector organisations through unsecured channels, such as paper- based mandates, flash drives, compact discs (CD), email attachments , etc. While nationwide commencement date of  end-to-end e-payment of salaries, pensions, suppliers and taxes is January 9, 2012, compliance monitoring and  enforcement  will be in stages. This is to give  enough time to all stakeholders to make necessary adjustments as may be required. Compliance monitoring and enforcement by CBN shall be according to the schedule below.

According the guideline, enforcement for Federal government ministries, departments and parastatals based in Abuja will commence January 2014. Enforcement for Federal government ministries, departments and parastatals outside Lagos, and private organisations in the phase one and two cashlite states will commence June 2014. The enforcement for states, local governments and private organisations in other states will commence December 2014.

The guidelines also stipulates a range  of sanctions for different types of infractions in violation of the guidelines.